Do I need extra coverage now that I work from home?

It has been almost a year since the first COVID lockdown. Since that time many workers have transitioned to working from home setting up temporary office space within their home.

With the work from home movement becoming more long term or permanent it is a good time to check with your broker to make sure that you are properly covered.

Generally speaking your home will not be considered being used for business if you are an office worker who normally works in another location.

If you are using company owned equipment (ie computer) it should be covered under the company’s insurance policy. If you are using your equipment you will likely have some coverage for business contents under your property policy. You should review your policy with your broker to verify what coverage you have.

It is important to note that the coverage for personal business contents is restricted to your home address only. For example if for some reason you have your laptop in your car and it is stolen f from there, you would not be able to make a claim.

If you are a business owner, storing or shipping products from your home, or having clients come to your home you will need either a home based business extension added to your policy or you might require a commercial property policy.

A commercial insurance policy typically includes the following coverages:

General Liability – physical or financial harm caused to others by your business operations

Professional Indemnity – errors & omissions coverage which protects you when a customer claims that your service, product or advice was inadequate and led to physical or monetary loss

Damage to Business Property – protects your equipment, inventory and the building

Business Interruption – ensures business income continues (up to policy limit) if there is damage to the premises, equipment or inventory which prevents you from operating

Employer Liability – if you have an employee this coverage pays for injuries they might sustain while working for you